courtkutchehry.com National Company Law Tribunal

Skylark Industries Pvt. Ltd Vs. D. Pal Buildcon Pvt. Ltd, (2020) 06 NCLT CK 0051 NCLT allowed the application filed by the applicant companies under Section 230 to 232 read with Companies (Arrangements, Compromises and Amalgamations) Rules, 2016 and the National Company Law Tribunal Rules, for seeking appropriate orders/directions for dispensing with the respective meetings of the shareholders, secured and unsecured creditors of the transferor and transferee companies. While allowing the application NCLT held that in light of mandatory statutory provisions of Section 230 of the Companies Act, 2013 we are not able to dispense meetings of shareholders/members of both the companies. In respect of unsecured creditors since the consent affidavits have been placed on record the prayer is allowed. In respect of secured creditors, since there is no consent affidavit in term of Section 230 (9) of the Companies Act, 2013 the prayer of dispensation of the meetings of secured creditors of both ...